Understanding Cybersecurity Governance

Posted in Risk Management on April 12, 2024
Cybersecurity Governance

Cybersecurity governance provides a board-level strategic view of how the organization develops and implements internal cybersecurity mechanisms and infrastructure to ensure data and information security. It includes defining cybersecurity risk appetite, establishing a management-level committee to oversee cybersecurity risks and issues, and building accountability and responsibilities. 

Cybersecurity Governance

The Cybersecurity Governance

Cybersecurity governance requirements cascade down the line to the senior management and employees. Knowing cybersecurity risks and threats is not the only expectation from the management and employees of the organization. Still, they all must understand and comply with internal cybersecurity compliance programs, policies, and practices developed and approved by the board of directors. 

Cybersecurity governance is a system by which an organization directs, and controls information security governance, specifies the accountabilities, and provides oversight to ensure that data and information loss risks are adequately prevented or mitigated. In contrast, management ensures controls through developed controls on a timely basis to maintain the information.

Mature cybersecurity governance includes cybersecurity planning and its alignment with applicable cybersecurity and data protection-related laws and regulations. The strategy must also be aligned with the bank’s overall strategy and vision. The strategy also accounts for managing information and data security issues and risks. 

The Chief Executive Officer or CEO of an organization establishes a management-level Information technology or IT committee to maintain cybersecurity governance. This committee consists of members, including the head of IT, the head of the cybersecurity function or CISO, the operations head, the business head, the head of risk management, the head of regulatory compliance, and other departmental heads. 

Cybersecurity Governance

Final Thoughts

Cybersecurity governance is a comprehensive cybersecurity strategy that integrates with organizational operations and prevents activities from being disrupted as a result of cyber threats or attacks. Accountability frameworks, decision-making hierarchies, defined risks related to business objectives, mitigation plans and strategies, and oversight processes and procedures are all features of cybersecurity governance.